According to CoinGecko, NFT marketplace holds 66% of the market share for NFT marketplaces.
According to Cointelegraph, the non-fungible (NFT) market OpenSea appears to have weighed in on the discussion around NFT royalties by introducing a new “on-chain” mechanism to help artists enforce royalties.
The NFT market, which, according to CoinGecko, holds 66% of the market share in NFT marketplaces, has remained largely mute on the subject of royalties and enforcement, while others in the sector have been putting their own plans into action recently, according to Cointelegraph.
On November 6, OpenSea CEO Devin Finzer said in a blog post that they have “seen the voluntary creator fee payment percentage decrease to less than 20%” in markets where payments are optional, while in other marketplaces, creator fees are “just not paid at all.”
“Over the past few months, there has been a lot of debate concerning the viability of creator fees and business models for NFT creators. Given our position in the ecosystem, we wish to handle this issue with consideration and moral leadership, according to OpenSea.
Finzer describes the tool as a “simple code snippet” that enables producers to impose royalties on present and past NFT collection smart contracts as well as upgradeable smart contracts that have already been created. The code will also restrict NFT sales to creator-fee-only marketplaces alone.
Finzer said that OpenSea will enforce royalties for new collections using an on-chain enforcement mechanism, but won’t do so for new collections that don’t opt-in.
